The price of Dogecoin, which is a relatively new cryptocurrency that was created as a spin-off from a popular meme, recently rose by more than 30% against the price of the US dollar. However, the growth was initiated earlier, and it is safe to say that Dogecoin has surged by more than 60% in the past few days.
From 0.00246, Dogecoin jumped sharply to 0.00324-fiat, which is precisely 31% in a strong buying spree. The uptrend later matured and the DOGE/USD is now retesting the mid-July peak of 0.00420-fiat.
The main reason behind the impressive surge is speculated to be the integration into the Ethereum project, which will see Dogecoin joining the second largest cryptocurrency project by market cap.
Launched as a joke, the ‘meme currency’ is attempting to keep up with the crypto universe by launching Dogethereneum, which will be the amalgamation of Dogecoin and Ethereum. As a project, it will enable transfers of tokens between the two blockchains.
Currently, the buying sentiment for Dogecoin has strong fundamentals behind it. According to analysts, the 0.00420 is a strong level to break – but one that is the target for the cryptocurrency. If Dogecoin does not break this level, it will eventually stabilize at a support level in the 0.00376-0.00382 area.
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“We’ve gone through the Coinbase listing documents, and they require a lot of structure we don’t have, so at the moment, it’s not on our roadmap. It’s an unfortunate situation that despite cryptocurrencies being designed to be decentralized, being an actually decentralized project seems to confuse a lot of companies in the space. That said, it would be great to see Dogecoin listed, and if we can help Coinbase with this, I’d love to hear from them. Obviously, Dogecoin is in the Coinbase Wallet app, and I’m hoping that’s a good sign.”The Dogecoin developers continued in the cryptonews and noted that the coin has "a fixed inflation rate of 5.256 billion newly created coins each year" saying that this is fundamentally core for the cryptocurrency.
"Many people miss that we’re not founders, and Dogecoin had no pre-mine, so the current developers have had no better opportunity than anyone else to stockpile. What I mean is if we were in this to make money, it would be much easier to work on a cryptocurrency that already has a profit model, than try reinventing Dogecoin,” they continued.It will be very interesting to see what the Dogecoin developers will do in 2020 and how the cryptocurrency will focus on adoption and further popularization.
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